Magellan Asset Management Ltd lifted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 10.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,523,306 shares of the utilities provider’s stock after acquiring an additional 141,842 shares during the period. WEC Energy Group accounts for approximately 0.4% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 22nd biggest holding. Magellan Asset Management Ltd owned approximately 0.48% of WEC Energy Group worth $93,501,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Oakworth Capital Inc. raised its position in shares of WEC Energy Group by 8.8% during the 2nd quarter. Oakworth Capital Inc. now owns 1,632 shares of the utilities provider’s stock worth $100,000 after acquiring an additional 132 shares in the last quarter. Delphi Private Advisors LLC raised its position in shares of WEC Energy Group by 182.3% during the 2nd quarter. Delphi Private Advisors LLC now owns 1,976 shares of the utilities provider’s stock worth $120,000 after acquiring an additional 1,276 shares in the last quarter. Country Trust Bank raised its position in shares of WEC Energy Group by 5.7% during the 2nd quarter. Country Trust Bank now owns 2,066 shares of the utilities provider’s stock worth $127,000 after acquiring an additional 112 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of WEC Energy Group during the 2nd quarter worth about $132,000. Finally, Financial Architects Inc raised its position in shares of WEC Energy Group by 7.4% during the 2nd quarter. Financial Architects Inc now owns 2,324 shares of the utilities provider’s stock worth $142,000 after acquiring an additional 161 shares in the last quarter. 70.79% of the stock is currently owned by institutional investors and hedge funds.
WEC Energy Group, Inc. (NYSE:WEC) traded up 0.40% on Friday, reaching $66.07. The company had a trading volume of 2,484,882 shares. The stock has a 50 day moving average of $64.81 and a 200 day moving average of $62.21. The firm has a market capitalization of $20.85 billion, a PE ratio of 21.66 and a beta of 0.12. WEC Energy Group, Inc. has a 12 month low of $53.66 and a 12 month high of $67.20.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Wednesday, July 26th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.05. WEC Energy Group had a return on equity of 10.75% and a net margin of 12.72%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. WEC Energy Group’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, analysts anticipate that WEC Energy Group, Inc. will post $3.11 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 14th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend was Thursday, August 10th. WEC Energy Group’s payout ratio is currently 68.42%.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Monday, August 28th. KeyCorp reissued a “hold” rating on shares of WEC Energy Group in a research report on Friday, September 1st. BidaskClub raised WEC Energy Group from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Goldman Sachs Group, Inc. (The) reissued a “sell” rating and set a $58.00 target price (down previously from $59.00) on shares of WEC Energy Group in a research report on Monday, June 26th. Finally, Ladenburg Thalmann Financial Services raised their target price on WEC Energy Group from $62.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, June 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.86.
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In other WEC Energy Group news, VP Tom Metcalfe sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $64.44, for a total transaction of $644,400.00. Following the sale, the vice president now owns 16,059 shares in the company, valued at $1,034,841.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Scott J. Lauber sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $65.00, for a total value of $97,500.00. The disclosure for this sale can be found here. Insiders have sold 192,190 shares of company stock worth $12,435,484 in the last 90 days. 0.97% of the stock is currently owned by insiders.
WEC Energy Group Profile
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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